There’s no checklist you can devise that’s complete enough to cover all the things you’ll need to do when you’re launching your own business. There are so many moving parts, so much that only happens when you’re in motion – and whatever anyone might tell you, there’s always going to be an element of the unexpected. Business, like life, is inevitably filled with surprises, and managing them as they arise can end up taking up most of your brain power.
So you’re bound to forget things. Don’t worry; all business owners miss something. The trick is to pounce as soon as you discover them, so that those little things that slipped your mind don’t become big things that make you slip. These are some areas a lot of new businesses neglect at first:
- A doomsday plan
Starting a business is a time of great optimism, and it can feel completely against the grain to plan for disaster – almost like you’re jinxing yourself. But don’t let the unpleasantness of the task keep you from thinking about it. Even if things go your way, it’s important to lend your business plan depth by considering what could go wrong – and what you’d do if it did. In the end, it’ll put you more at ease.
- Growth strategies
And what about the opposite? What if you achieve everything you set out to do – break into a new market successfully and stake your claim as a new kind of business? Many new business owners are so focused on achieving their goal that they don’t take the time to consider what happens if they actually do. And in business, stagnation after success means failure. You have to keep growing, and you have to have an idea of how you’re going to do that. If you wait till it’s time to implement, it may be too late.
- Tax implications
If you have a novel business plan, chances are it’ll come up against some unexpected elements of the tax code – which is massively complex, and growing all the time. Have you taken the time to have a tax lawyer go over the details? You might be surprised at how different rates of taxation on different business procedures affects your plan of attack.